FAAC Disburses N467.85b to FG, States, LGs in August

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By Modupe Gbadeyanka

Data released on Monday, September 25, 2017, by the National Bureau of Statistics (NBS) revealed that in the month of August 2017, the Federation Account Allocation Committee (FAAC) disbursed the sum of N467.85 billion to the three tiers of government from the revenue generated in July 2017.

According to the stat office, the amount disbursed comprised of N387.32 billion from the Statutory Account and N80.53 billion from Valued Added Tax (VAT).

The agency further said no allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.

From the disbursed amount, federal government received a total of N193.05 billion from the N467.85 billion shared.

States received a total of N130.69 billion and Local governments received N98.01 billion. The sum of N31.59 billion was shared among the oil producing states as 13 percent derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.63 billion, N6.76 billion and N2.12 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N162.09 billion was disbursed to the FGN consolidated revenue account; N3.44 billion shared as share of derivation and ecology; N1.72 billion as stabilization fund; N5.79 billion for the development of natural resources; and N4.18 billion to the Federal Capital Territory (FCT) Abuja.

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